thanks ever so much for your replys.

well that is typical!! however i am pretty sure that i cant be the olny one to be caught out by this - as Felicity has pointed out there have been press releases and statements made that imply that the rate will be 6.5% for the first 12 months. the Abbey guy in the statement above made another to the Sun newspaper (printed 21st Oct last year) that is definately dodgy - surely leading customers on like this is not right?

http://www.thesun.co.uk/sol/homepage/news/money/article1836832.ece

Hi bubbly,

It was the bonus of 0.75% that was fixed for the first 12 months, not the underlying rate unfortunately.

Mike

Hi Bubbly,

A press release published by Abbey in August 2008 had this to say:

"Reza Attar-Zadeh, Director of Savings and Investments at Abbey: "...The Abbey eSaver Direct is perfect for disciplined savings, offering a best buy 6.50 per cent gross/AER on a minimum of just £1 when you make no withdrawals".

eSaver Direct:

• 6.19 per cent gross/AER when you make 1 withdrawal in a year or 6.50 per cent gross/AER when you make 0 withdrawals in a year.
• 0.75 per cent bonus for the 12 months
• £1 minimum, £2million maximum
• Internet only, easy access
• 2.75 per cent interest paid on the whole balance in any month a withdrawal is made"

But just to add the disclaimer - that was info for journalists and "should not be used by consumers to make financial decisions", so it might be worth giving them a ring.

I hope that was some help,

Felicity